SEATTLE (Oil Monster): Brazil’s state-controlled energy giant Petrobras has entered into a one-year agreement to supply up to 6 million barrels of crude oil to India’s Hindustan Petroleum Corporation Limited (HPCL). The move comes as India faces growing pressure from the Trump administration to curb oil imports from Russia.
The contract was finalized during an official visit to India by Brazil’s Vice President and Minister of Development, Industry, Trade and Services, Geraldo Alckmin.
According to a Petrobras press release, this new deal expands the company’s footprint in India’s energy market, as it already supplies crude to two other state-run refiners—Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation (IOC). Together, Petrobras has shipped over 20 million barrels of oil to India under previous agreements.
Beyond India, Petrobras has been diversifying its global export portfolio, boosting crude oil shipments to South Korea, Singapore, Thailand, and several European countries.
Claudio Schlosser, Petrobras’ Executive Director for Logistics, Commercialization and Markets, highlighted India’s growing importance, stating that the nation is “one of the main drivers of the global economy.” He noted that India’s strong economic growth, large population, and refining capacity exceeding five million barrels per day make it a crucial destination for international oil trade.
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